Southpoint Capital Advisors LP Acquires Shares of 325,000 Adobe Inc. (NASDAQ:ADBE)

Southpoint Capital Advisors LP acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 325,000 shares of the software company’s stock, valued at approximately $144,521,000. Adobe accounts for about 3.4% of Southpoint Capital Advisors LP’s investment portfolio, making the stock its 10th biggest holding.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Siemens Fonds Invest GmbH boosted its position in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares during the period. Summit Securities Group LLC purchased a new position in Adobe during the 4th quarter valued at about $31,000. Caitlin John LLC increased its holdings in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares during the period. Avion Wealth raised its position in Adobe by 112.2% during the 4th quarter. Avion Wealth now owns 87 shares of the software company’s stock valued at $38,000 after purchasing an additional 46 shares during the last quarter. Finally, Mascoma Wealth Management LLC lifted its holdings in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after buying an additional 50 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 3.1%

ADBE opened at $417.13 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average price of $375.68 and a 200-day moving average price of $433.63. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The stock has a market capitalization of $177.78 billion, a price-to-earnings ratio of 33.64, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the business earned $4.48 EPS. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.16% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent analyst reports. Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Citigroup reduced their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Finally, Morgan Stanley lowered their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $502.88.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.